Tips On Becoming A Financial Planner

Due to the economy and the unemployment rate a lot of people have been focusing on their finances and seeking ways to maximize their savings and income. The demand for financial planners has increased due to fact that individuals are looking for guidance from a financial planning professional who has the skills and knowledge to help them meet their financial goals. So to say the least, if you are looking toward financial planning as your career the outlook is very good.

Becoming a Financial Planner

If you enjoy math, are somewhat analytical and fascinated with investing than a career in financial planning may be a good fit for you. Your career in financial planning is going to start in college; you really should look towards a bachelor’s degree in finance, math, economics, accounting or statistics. Once you graduate you can expect to take several courses in estate planning, tax law, investment planning, and finance law are going to be advantageous in your career path towards becoming a financial planner. Once you feel that you have taken a sufficient amount of extra-curricular courses, and feel you are properly prepared to take the next step towards your financial planning career the next course of action would be to study for your Certified Financial Planner certification. The CFP certification is issued by an organization called the Certified Financial Planner Board of Standards Inc. The actual exam covers a wide array of subjects revolving around finance, subjects such as employee benefits planning, debt management, tax law (as it relates to investments), and insurance & risk management.

Even though it’s not necessary to have your Certified Financial Planners (CFP) designation to become a financial planner if you’re looking to get hired at a company as a financial planner, most companies only hire individuals that have their CFP. In most cases having your CFP designation most likely means that you have-at a minimum-a bachelor’s degree, 3 years of financial planning under your belt, have taken financial planning courses, and have passed your CFP exam. It’s going to be pretty hard to get in the door of most places or to get hired by an individual if you don’t have these qualifications at a minimum.

If you are looking to further advance your financial planning career you might want to look into pursuing a Chartered Financial Consultant (ChFC) designation. You can’t jump right into this designation; it requires that you have experience and that you study a program consisting of eight-courses in all.

Other Aspects To Consider

Having a college degree is essential in a career as a financial counselor, but if you possess the vital interpersonal skills and represent solid communication skills it will help you in your financial planning career. If you are lucky enough to have your degree, and posses the necessary interpersonal personality traits, once you throw in your CFP certification in the mix you will end up being a very successful financial planner.

Successful financial planners are also very analytical, problem solvers and have the ability to quickly asses a financial profile so they can make recommendations and suggestion in regards to better their clients financial situation. Assessing a client’s adversity to risk, income levels, and time horizons to reach their goals are essential pieces to becoming a successful financial planner. So if you’re looking into becoming a successful financial planner these are things that you should definitely look into.

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